Citi has announced that Ahli United Bank B.S.C. (AUB) has agreed to acquire its consumer banking business in Bahrain.
The transaction, which is subject to regulatory approvals, includes the retail banking, credit card and unsecured lending businesses but excludes Citi’s institutional businesses. 
Citi consumer employees and employees supporting the consumer business will be offered employment from AUB upon close of the proposed transaction. Upon closing, Citi expects the transaction will make a small contribution to the previously announced release of approximately $7 billion of allocated tangible common equity over time from the exit of its consumer franchises in 13 markets in the Asia Pacific and Europe, the Middle East, and Africa.
“This is a positive outcome for our colleagues and our clients in Bahrain, and our top priority is to manage and support them through a seamless transition to AUB. We are proceeding with the same consideration for our remaining consumer exit markets,” said Titi Cole, CEO of Legacy Franchises at Citi.
Last week Citi had reached an agreement with Axis Bank for the sale of Citi’s consumer businesses in India. The transaction comprises the sale of the consumer banking businesses of Citibank India, which include credit cards, retail banking, wealth management, and consumer loans.
